Robert Sauerberg Sells 5,128 Shares of Reddit (NYSE:RDDT) Stock

Reddit Inc. (NYSE:RDDT) Director Robert Sauerberg sold 5,128 shares of the business’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $159.92, for a total value of $820,069.76. Following the completion of the transaction, the director owned 27,087 shares in the company, valued at $4,331,753.04. The trade was a 15.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Reddit Price Performance

Shares of NYSE RDDT traded down $1.32 during mid-day trading on Thursday, reaching $154.03. The company’s stock had a trading volume of 2,708,711 shares, compared to its average volume of 5,546,366. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95. The stock has a fifty day moving average of $172.22 and a two-hundred day moving average of $158.43. The firm has a market capitalization of $29.64 billion, a PE ratio of 35.82, a P/E/G ratio of 0.54 and a beta of 2.03.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, July 30th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.30. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The company had revenue of $804.91 million for the quarter, compared to the consensus estimate of $731.00 million. During the same quarter last year, the company earned $0.45 EPS. The firm’s quarterly revenue was up 61.0% on a year-over-year basis. Analysts anticipate that Reddit Inc. will post 5.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Reddit

Large investors have recently modified their holdings of the stock. Evansbrook LLC lifted its position in Reddit by 2.2% during the 1st quarter. Evansbrook LLC now owns 2,736 shares of the company’s stock worth $368,000 after acquiring an additional 59 shares during the period. Signaturefd LLC increased its holdings in shares of Reddit by 7.6% in the second quarter. Signaturefd LLC now owns 878 shares of the company’s stock valued at $152,000 after purchasing an additional 62 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of Reddit by 48.1% in the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after purchasing an additional 64 shares during the last quarter. Florida Financial Advisors LLC raised its stake in shares of Reddit by 6.7% in the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after purchasing an additional 68 shares during the last quarter. Finally, Diversified Trust Co lifted its holdings in shares of Reddit by 2.1% during the first quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock worth $440,000 after purchasing an additional 68 shares during the period.

Analyst Ratings Changes

RDDT has been the topic of several research analyst reports. Evercore reiterated an “outperform” rating and issued a $265.00 price target on shares of Reddit in a research note on Friday, July 31st. JPMorgan Chase & Co. cut their price objective on Reddit from $200.00 to $185.00 and set a “neutral” rating for the company in a research report on Friday, July 31st. KeyCorp started coverage on Reddit in a report on Wednesday, July 29th. They issued an “overweight” rating and a $225.00 target price on the stock. Citigroup reiterated a “market outperform” rating on shares of Reddit in a research report on Monday. Finally, Telsey Advisory Group set a $240.00 price target on Reddit in a research note on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and an average price target of $221.10.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.